Newer OC listings with crazy WTF asking prices from equity sellers

Pictures are very well done compared most Agent photos for similarly priced homes. Still at 1.7m for a house with no insulation, apparently no heater (vents can't be seen), and no air conditioning (yes, even in Laguna, AC is often needed) that price for a 65 year old cottage is remarkable IMHO

My .02c
 
Soylent Green Is People said:
Had to start this thread for general OC listings after seeing this:

489 SF on 6,000 SF Lot. No view. No historical significance. Should have been a teardown at 1.2m (last sale price) but current owners felt differently.

Perfect address = "420"

https://www.redfin.com/CA/Laguna-Beach/420-Center-St-92651/home/4894586

My .02c
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Where does this seller thing this property is located?  Palo Alto?  haha
 
Not as sensational as that first Laguna Beach home SGIP started with, but here is a nicely upgrade home in a beautiful Baker Ranch community.

Oh wait, this is ATTACHED and TRI-LEVEL with whopping HOA dues.
https://www.redfin.com/CA/Lake-Forest/71-Finch-92610/home/145891209

Not to mention the listing price keeps falling and falling.



PS. Whenever people provide redfin links here, the homes get sold so I hope it helps them sell it finally. I also need to say this home comes with no MR.



 
Maserson - "Magic" is OK, but I think the use of the more appropriate term - "Unicorn Farts" - is not allowed by MLS rules.

Momopi - That's weird as well. They chose to expand the deck, not bring the property up to standard???  I'm all for vintage, but with that much usable lot space quite a bit could have been done while still keeping it period correct. Why not add a 2nd unit to the property for example.

Mety - The clearest indicator for me on the Lake Forest home: 42 pictures, 21 of them are of the community, not the home you're trying to pitch. Sorry dawg, it's a no from me on Finch.

My .02c
 
Are there still lots in Shady Canyon?  I'd rather buy a lot there and build than do a tear down here for that price. 
 
Soylent Green Is People said:
Mety - The clearest indicator for me on the Lake Forest home: 42 pictures, 21 of them are of the community, not the home you're trying to pitch. Sorry dawg, it's a no from me on Finch.
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Agreed. No reason to post a single community photo IMO
 
paperboyNC said:
Soylent Green Is People said:
Mety - The clearest indicator for me on the Lake Forest home: 42 pictures, 21 of them are of the community, not the home you're trying to pitch. Sorry dawg, it's a no from me on Finch.
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Agreed. No reason to post a single community photo IMO
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But why not?  We all assume buyers are local but when I moved here from out of state and didn?t know the lay of the land, community photos were helpful. I agree that when Half the listing photos are of the community, then yea... it?s a bit much.
 
Soylent Green Is People said:
Maserson - "Magic" is OK, but I think the use of the more appropriate term - "Unicorn Farts" - is not allowed by MLS rules.
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BAH!  I was going to post the same thing.  Beat me to it.  ;)
 
Soylent Green Is People said:
A follow up:

Those Unicorns seen prancing around the original property must have eaten plenty of gumdrops, candy canes, and skittles, causing the air from their derriere to compel someone into paying OVER LIST PRICE for the home.

https://www.redfin.com/CA/Laguna-Beach/420-Center-St-92651/home/4894586

Magical.... INDEED!
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This would make a pretty cool bachelor pad but wow, $3,600 sq/ft, that's Manhattan status.
 
closed in less than 2 weeks.  looks like someone came in all cash and wiped the floor with everyone.
 
That is a really nice looking house. What a gift to listing agents and homeowners in that area, comps-wise.

I know populists love to hate on developers, but pricing like this makes me think Laguna Beach needs developers badly to address a housing supply shortage.
 
Soylent Green Is People said:
Uncle Warren finally sold his LB home for $7.4m, down from the $11.3m original list. I'm sure being "celebrity owned" added $1-2m to the final price. Still, buying for $150k in the 1970's, he did well.

Wonder what $150k in Berkshire stock in the 1970's would be worth in October 2018 just to compare asset performance.

My .02c
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About 550M based on my calculations 
 
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